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Archive for 7. Februar 2017

Weidmann kontert US-Vorwurf der Währungsmanipulation

Posted by hkarner - 7. Februar 2017

Die Anschuldigungen, Deutschland beute andere Länder mit unterbewerteter Währung aus, seien „mehr als abwegig“, weist der deutsche Bundesbank-Chef zurück.

Der Präsident der Deutschen Bundesbank, Jens Weidmann, hat Vorwürfe der Wechselkursmanipulation aus den USA scharf zurückgewiesen. „Der Vorwurf, Deutschland beute die USA und andere Länder mit einer unterbewerteten Währung aus, ist mehr als abwegig“, sagte Weidmann laut Redetext am Dienstag in Mainz. Der allerjüngste Dollaranstieg dürfte vielmehr hausgemacht sein, ausgelöst durch politische Ankündigungen der neuen US-Regierung unter Präsident Donald Trump.

Deutsche Unternehmen sind Weidmann zufolge vor allem deshalb so erfolgreich, „weil sie hervorragend auf den Weltmärkten positioniert sind und mit innovativen Produkten überzeugen“. Als sehr beunruhigend bezeichnete der Bundesbank-Chef die protektionistische Rhetorik der neuen US-Administration, „zumal Deutschland zunehmend ins Visier der amerikanischen Regierung gerät.“  Den Rest des Beitrags lesen »

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Brexit in a Brave New World

Posted by hkarner - 7. Februar 2017

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Can France Stem the Populist Tide?

Posted by hkarner - 7. Februar 2017

Date: 07-02-2017
Source: Foreign Affairs By Carlo Invernizzi Accetti

A New Political Dynamic Emerges

The upcoming French presidential election offers a primer on the turbulent politics of our times. We are witnessing the collapse of the traditional divide between left and right, as well as the parties associated with it. In its place, a new opposition is emerging between nationalist populism on one hand and liberal technocracy on the other. At stake is the very model of society—and democracy—that has been dominant in the West since the end of the Cold War.

French politics in the past few decades has been characterized by a relatively stable alternation in power between a center-right party (recently renamed the Republicans), standing for market liberalization and traditional social values, and its center-left rival (the Socialist Party), which stands for more social welfare and economic redistribution. While these two parties disagreed on the degree of state intervention in the economy, there was a basic consensus on the welfare-state model as well as on France’s commitment to European integration and multilateralism in international affairs. Den Rest des Beitrags lesen »

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The Art of European Integration

Posted by hkarner - 7. Februar 2017

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Fiscal Hole Will Test President Donald Trump’s Agenda

Posted by hkarner - 7. Februar 2017

Date: 06-02-2017
Source: The Wall Street Journal

President’s appetite for stimulus comes up against budget realities and some fellow Republicans

President Trump’s stated goal for more spending on infrastructure appears out of step with GOP elected officials.

For an economy that isn’t in recession, the U.S. is facing one of the bleakest fiscal outlooks since World War II. One question that President Donald Trump will soon have to decide: How much is he willing to embrace even wider deficits?

The answer will determine whether Mr. Trump’s domestic agenda lives up to markets’ bold expectations, and his own.

Before Mr. Trump does anything, growing budget deficits are already on a course to push federal debt to record levels as a share of gross domestic product. That will make it extremely difficult to make good on promises to cut taxes and boost spending without spilling more red ink.

Unlike past periods, deficits are swelling not because of an economic downturn or a short-term boost in discretionary spending, but because of the costs of caring for an aging population. Medicare and Social Security are the biggest projected drivers of spending. Ten years ago, some 6,700 Americans turned 65 every day. The number is now 9,800 Americans, and it will rise to 11,700 by 2026. Den Rest des Beitrags lesen »

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In France, Le Pen Echoes Trump’s Bleak Populism in Campaign Kickoff

Posted by hkarner - 7. Februar 2017

Utterly disgusting! (R,C,)

Date: 06-02-2017
Source: The New York Times

Le Pen ccMarine Le Pen, the leader of France’s far-right National Front, began her bid for the presidency in Lyon on Sunday with a speech that mirrored themes expressed by President Trump.

LYON, France — The French far-right leader Marine Le Pen delivered a grim populist kickoff to her burgeoning presidential campaign on Sunday, warning thousands of her flag-waving supporters of “two totalitarianisms,” globalization and Islamism, that want to “subjugate France.”

Ms. Le Pen’s dark picture of a weakened France troubled by bureaucrats and burqas was a striking echo of themes being sounded across the Atlantic. France, a prosperous country with the world’s sixth-largest economy, was depicted as a besieged wreck. In a packed hall here, she made a point, in an hourlong speech brimming with nationalist fervor, of praising President Trump and the Americans who had elected him, as her supporters shouted forcefully, “This is our country!”

Americans, she said, had “kept faith with their national interest,” even as she promised to do the same for France, saying the French had been “dispossessed of their patriotism.” Den Rest des Beitrags lesen »

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Split by ‘Brexit,’ May and Merkel Diverge on Wider Issues, Too

Posted by hkarner - 7. Februar 2017

Date: 06-02-2017
Source: The New York Times

May Merkel reading lettersChancellor Angela Merkel of Germany, and Prime Minister Theresa May of Britain . The two canceled a planned meeting after a brief exchange during a sightseeing excursion was deemed sufficient.

LONDON — In another era they could have been allies.

Both vicars’ daughters and born just a few years apart, Chancellor Angela Merkel of Germany and Prime Minister Theresa May of Britain share an understated pragmatism and conservative roots, and have made their way in the still largely man’s world of politics. But there could be so much more.

At a time when President Trump is lashing out at friend and foe, and when the macho politics of strongmen is resurgent from Moscow to Manila, when not just the European Union but high-minded Western values, free trade and security alliances are under attack, the two women might have worked together to defend the liberal global order.

Instead, because of Britain’s vote in June to leave the European Union, they find themselves on opposite sides of the biggest divorce in recent European history, a chasm that has fundamentally reordered their priorities and is hindering them from cooperating on the broader issues. Den Rest des Beitrags lesen »

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